Here’s Why Bitcoin Needs More Time To Recover, According to Crypto Trader Cantering Clark
Popular crypto trader and analyst Cantering Clark believes Bitcoin is due for an extended cooldown period before continuing its historic bull run.
After a powerful rally to a high of $64,804, Bitcoin took a sharp 50% correction in May following a wave of bad news, including fears of China crackdowns on miners and Tesla restricting BTC payments.
Cantering Clark shares his outlook on the market with his 59,100 followers, expecting a long road ahead before Bitcoin sees new all-time highs.
“Right now we are in a bear market. I think BTC sees new highs again. I am highlighting how absurd it is to expect them very soon. [The] only possibility is a major macro catalyst…
Bitcoin spent over a year trending with conviction off of the March 2020 lows.
It has been just a little over a month post breakdown.
Some of you think it just resumes from here. Nah, sit down. This is going to take a while.”
Despite the bearish market sentiment, Cantering Clark shares some insights as to why higher prices may be on the horizon.
“Just food for thought.
-Bitcoin is 55% off the highs
-Shorts are paying an exorbitant amount (annualized) to remain short
-The market seems homogeneously bearish
-There has been a ton of FUD (fear, uncertainty, doubt) recently, and we still find ourselves in the range.”
At the time of writing, Bitcoin is trading just over $34,652, according to CoinMarketCap.
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Author: Daily Hodl Staff